New Jersey’s October Sports Betting Handle: $487.9 Million
October 2019 marked a major milestone for the world of sports betting, particularly in the Garden State. For the first time in history, New Jersey and Nevada combined to generate more than $1 billion in sports betting handle in a single month. The $487.9 million that New Jersey residents gambled on sports in October was 9.5% higher than the total for September.
The numbers are clearly trending upwards, and with the NFL gearing up for postseason play, the trend is unlikely to slow down anytime soon. With that being said, it’s crucial for us to continue reminding gamblers of the resources they can access for help if sports betting starts to negatively impact their personal lives. Moreover, it’s important to examine the implications of the Garden State Sportsbook’s recent uprising as well.
What Happens With Money Wagered on Sports?
So, where does that $487.9 million go, and how much of it do the oddsmakers get to keep when all is said and done? The sports betting handle is the total number of dollars wagered, regardless of the outcome of each bet. Revenue is how much money oddsmakers keep out of the total amount wagered. The hold represents the relationship between handle and revenue; it can be calculated by dividing revenue by handle. In October 2019, New Jersey oddsmakers took home $46.4 million in revenue, which translates to a hold of 9.5% (46.4 million / 487.9 million = 9.5%). In other words, $46.4 million was left over out of $487.9 million after paying out winners.
Breaking Down the Bets
Check out this infographic for a detailed breakdown of how New Jersey bets are distributed across each of the major sports categories:
As you can see, only a fraction of the bets placed on each sport end up as “winners” when all is said and done.
How to Help Someone With a Sports Betting Problem
Whether someone is dealing with an online casino gambling problem in Freehold, NJ, or a sports gambling problem in Woodbridge, helpful resources are available. If you or a person you love is struggling with a gambling problem, you can find support, treatment, and hope by dialing 800-GAMBLER. Our confidential helpline is open 24 hours a day — help is waiting.